No, Debt Protection is not an insurance protection. Anyone who elects to join will sign an addendum to their loan agreement with Aven. In the event of involuntary job loss, Aven will cancel up to six months of a borrower’s monthly payments per occurrence of job loss if the claim is approved.
Aven maintains a contractual liability policy and administrative services agreement with Securian Financial. In the event of a Debt Protection claim, Securian would approve it and reimburse funds to Aven Financial.